Pixar jumps into the Oil Business

Yes you read that title right. Pixar is in the oil business but its not the Pixar that we all know and love. It seems Paramount Resources Ltd (which is obviously a rip off of Paramount Studios) is changing it’s name to Pixar Petroleum Corp. A sort of homage of sorts to the beloved Cartoon Studio.

Here is part of the press release:

Paramount Resources Ltd. (TSX:POU) (“Paramount” or the “Company”) is pleased to announce the reorganization of all of the Company’s oil sands and carbonate bitumen interests into a new wholly-owned subsidiary, Pixar Petroleum Corp. (“Pixar”). The reorganization is being undertaken to create a focused, self-funding oil sands entity in order to accelerate the development of Paramount’s bitumen interests. Dr. William Roach has been appointed as Pixar’s President and Chief Executive Officer. In addition, the initial independent resource estimates for the Saleski and other carbonate bitumen properties have now been completed and the Company is pleased to announce the results.

REORGANIZATION

Upon completion of the reorganization in early-December, all of Paramount’s oil sands and carbonate bitumen leases will be owned by Pixar – including Paramount’s Hoole and Saleski leases.

In total, Pixar will own approximately 275 sections of Crown oil sands leases in the western Athabasca region of Alberta, the majority of which are 100 percent owned. These leases are prospective in multiple formations, primarily for thermal in-situ development, but also have potential for cold production.

PIXAR’SEXECUTIVE LEADERSHIP TEAM

Mr. James Riddell, Paramount’s President and Chief Operating Officer, has been appointed the Executive Chairman of Pixar.

Dr. William Roach has been appointed President and Chief Executive Officer of Pixar. From 2004 to 2010, Dr. Roach served on the Board of Directors and as President and Chief Executive Officer of UTS Energy Corporation (“UTS”), which at that time was a publicly listed energy company focused on the exploration, development and production of oil sands deposits in the Athabasca Oil Sands Area of northeastern Alberta. During his tenure, the market capitalization of UTS increased from $50 million to over $1.75 billion. Prior to UTS, Dr. Roach had a successful 20-year career directing and managing the design, construction and delivery of large capital-intensive national and international upstream oil and gas projects. In the coming year, Dr. Roach will primarily focus on overseeing the submission of a development application for Pixar’s Hoole oil sands property and building the team necessary to execute that development.

Mr. Martin Sandell has been appointed Senior Vice President, Development of Pixar. Mr. Sandell was previously Vice President Engineering of UTS and has 25 years of experience leading large diverse oil and gas projects from conception to operation in Canada, the United Kingdom, the North Sea and the Gulf of Mexico.

Mr. William Robinson has been appointed Vice President, Geoscience of Pixar. Prior to joining Pixar, Mr. Robinson oversaw the exploration and delineation of Paramount’s oil sands assets.

PIXAR’S PROPERTIES

Pixar’s properties will include approximately 56 sections of land at Hoole, which are primarily prospective for bitumen in the Grand Rapids formation and the carbonate properties, which are primarily prospective for bitumen in the Grosmont formation. The carbonate properties will include approximately 15 sections of land at Saleski and 186 sections of land in other areas (the “Other Carbonate Leases”), including leases at Orchid, Granor and House. The new subsidiary will also own approximately 18 additional sections in the Athabasca Oil Sands Area of northeastern Alberta. Pixar’s near-term plans are expected to focus on the development of its 100 percent owned oil sands leases at Hoole and the further delineation of its carbonate bitumen leases at Saleski.

I don’t know about you but that is a dirty little trick to capitalize on the Disney Brand. Oh well I think I will go eat a Dove Ice Cream bar then jump in the shower and use my Dove Shampoo. (Not owned by the same Company)

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